Multiple Choice
Using average price and average quantity, calculate the price elasticity of demand if a price rise from $8 to $10 and decreases the quantity demanded from 20 units to 15 units. The price elasticity of demand equals
A) 2.5.
B) 1.29.
C) 0.78.
D) 0.06
Correct Answer:
Verified
Correct Answer:
Verified
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